CBE Issues New Decrees to Support the Digital Transformation Strategy
Within the framework of Egypt’s Vision 2030 to support digital transformation, the Central Bank of Egypt’s Board of Directors issued a set of decrees that include exempting customers from all fees and commissions related to bank transfer services executed via electronic channels (internet banking and mobile banking applications) in Egyptian pound, as well as waiving all fees and commissions related to banks’ transfers within the Instant Payment Network.
The issued decrees - effective as of January 1st, 2024 - come in alignment to the CBE’s continuous efforts to incentivize individuals to expand their use of digital financial services, and leverage from its wide range of benefits, as well as the availability of banking services from anywhere and in a timely manner. Consequently, the usage of digital financial services contributes to the country’s digital transformation towards a less-cash society, and promotes financial inclusion.
It is worth mentioning that the Instant Payment Network - launched in April, 2022 - is one of the most significant infrastructure projects for payment systems sponsored by the CBE, to act as an integrated alternative to cash payments, allowing the instantaneous execution of all banking transfer services 24/7.
The Instant Payment Network witnessed a substantial growth in the transactions volume carried out through it, reaching 404 million transactions, worth EGP 815bn via “InstaPay” application and electronic banking channels, with the number of service users exceeded 6.5 million.
